OREANDA-NEWS. On 23 June 2009 was announced, that annual general meeting of OJSC VolgaTelecom’s shareholders was held in Nizhny Novgorod.

The shareholders have approved annual report, annual accounting statement, elected the Board of directors and Auditing committee, and also have approved restated versions of the Company’s Articles of association and Regulations for the Board of directors of OJSC VolgaTelecom. Furthermore, the shareholders have supported the Board of directors’ decision to terminate the Company’s membership in non-profit organization Povolzhskyi Association of Engineers of Telecommunications and IT “TELEINFO” by withdrawal from it.

The shareholders have passed the resolution to distribute the Company’s profit based on the results of 2008 fiscal year in the following way:

- RUR 738 005 053 for dividend payment, of which:

- On preferred A type shares - RUR 3.600753 per a share;

- On ordinary shares - RUR 1.800235 per a share;

- RUR 2 214 014 270 for the increase in the Company's equity capital.

The shareholders have also set the procedure of dividend payment to persons included into the list of persons entitled to receive dividend; this list was drawn up as per the data of OJSC VolgaTelecom’s shareholders register at April 20, 2009, and namely:

- by transfer to bank accounts;

- by postal transfer;

- by payment in cash in the Company’s cash offices.

The following persons were elected to the new composition of the Board of directors:

1.

Ekaterina S. Erofteeva

Executive Director – Director of the Department for Strategic Development of OJSC Svyazinvest.

2.

Lyudmila A. Kormilitsyna

Head of section of support of operations of representatives of the Department of Corporate Governance and Legal Support of OJSC Svyazinvest.

3.

Mikhail I. Kritskyi

Deputy General Director of OJSC Svyazinvest.

4.

Mikhail A. Leshchenko

Advisor to the Minister of Telecommunications & Mass Communication of the Russian Federation.

5.

Vladimir F. Lyulin

Advisor to General Director of OJSC Svyazinvest.

6.

Vladimir A. Rumyantsev

Managing Director of Gazprombank (Open Joint Stock Company).

7.

Victor D. Savchenko

Deputy General Director of OJSC Svyazinvest.

8.

Yuri S. Sizov

Deputy General Director for Strategic Development of ZAO Lider (the company for administration of assets of pension fund).

9.

Oleg R. Fedorov

Chief Corporate Finance Management Officer of LLC Deutsche Bank.

10.

Alexander A. Filatov

Executive Director of Non-commercial Partnership “Association of Independent Corporate Directors” (Association of Independent Directors).

11.

Evgeny V. Yurchenko

General Director of OJSC Svyazinvest.

The following persons were elected to the Auditing committee:

1.

Irina A. Arkhipova

Head of section of the Department of Economics and Finance of OJSC Svyazinvest.

2.

Svetlana N. Bocharova

Head of tax section of the Department of Bookkeeping, Tax and Statistics Accounting of OJSC Svyazinvest.

3.

Olga G. Koroleva

Chief Accountant of OJSC Svyazinvest.

4.

Alexey V. Maltsev

Head of section of strategic planning and analysis of efficiency of realization of strategy of the Group of the Department for Strategic Development of OJSC Svyazinvest.

5.

Natalia V. Feoktistova

Head of section of relations with associated companies of the Department of Corporate Governance and Legal Support of OJSC Svyazinvest.

ZAO KPMG was approved the Company’s auditor for 2009.

In the first meeting of the new composition of the Board of directors Mr. Evgeny V. Yurchenko was elected the chairman of the Board of directors and Mr. Victor D. Savchenko was elected deputy chairman.

Mr. Vladimir Rybakin, VolgaTelecom’s General Director, noted that the Company has made its choice in favor ofintensive development of new technologies, NGN and mobile business. The Company has created the facilities for realization of high value-added services which in future will allow for ensuring business growth in any environment. In future VolgaTelecom’s priorities will be the improvement of operating efficiency of business, and also investments into the development of modern technologies and creation of communications infrastructure meeting the market trends. “Our immediate objective is the change of corporate structure with the view of improving the efficiency of business processes, ensuring availability of services for the clients and foremost – preservation and development of human resources, as the Company’s key assets are our employees” – pointed out Vladimir Rybakin.

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VolgaTelecom is the largest telecommunications company of the Volga region providing a wide range of telephony, cellular, Internet and data transmission, TV and radio broadcasting services. The Company is operating in 11 regions of the Volga Federal district. The installed capacity of the Company’s network is 5.2 million lines.At the beginning of May the number of Internet broadband access services users exceeded 780 000 men.